As 2024 ended, Florida’s housing market continued to show more new listings, increased for-sale inventory and stabilizing median closed sale prices, according to the latest housing data released by Florida Realtors®. “Overall, the 2024 Florida housing market saw mostly modest declines in sales and little change in the way of home prices,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “Even though there were some fluctuations in mortgage rates, they remained in the high range relative to recent years. The most significant changes occurring in 2024 were the widening performance gap between the single-family market and the condo market and the overall rise in inventory levels.”
Statewide closed sales of existing single-family homes in 2024 totaled 252,688, down 1.9% compared to the 2023 level. For existing condos, a total of 94,380 units sold statewide in 2023, down 10.5% compared to 2023. In December, closed sales of single-family homes statewide totaled 20,784, up 12.8% from December 2023, while existing condo sales totaled 7,169, down only 0.5% year-over-year, according to Florida Realtors’ data. O’Connor noted that December’s closed sales for single-family homes helped boost the end-of-year transactions. “That strong performance put us at nearly 253,000 statewide single-family closed sales for the year overall, which is just less than 2% below 2023’s total of nearly 258,000 sales, but also the fewest annual sales we’ve seen since 2014,” he said.
Looking at condo closed sales for 2024, O’Connor said, “Multiple factors were responsible for the underperformance of this category throughout the year, including concerns about insurance coverage and reserve requirement compliance, giving some prospective buyers cold feet. The result was the lowest number of condo sales we’ve seen for any year in Florida since 2010.
The statewide median sales price for single-family existing homes was up 1.2% in December from December 2023. Meanwhile, the statewide median price for condo units was down 4.5% in December over the year-ago figure.
Florida Realtors’ data showed that at the end of 2024 inventory (active listings) for single-family homes stood at a 4.7-months’ supply, while inventory for condo properties was at an 8.2-months’ supply. O’Connor pointed out, “If we go by the general rule of thumb that five to six months of supply is a balanced market, single-family homes are just barely still in a seller’s market, while condos are now firmly in buyer’s market territory.”